MBSB's pre-tax profit up 341% for 1Q2010

KUALA LUMPUR: The Malaysia Building Society Bhd (MBSB)’s pre-tax profit for 1Q2010 rose 341% to RM43 million from RM9.7 million in the same quarter last year.

Over the same period, MBSB Group also recorded an increased net profit of RM43 million from RM6 million for the same period last year.

For 1Q2010, MBSB Group achieved earnings per share of 6.17 sen and an annualised return on equity of 35% while its net loan, advances and financing grew by 7.6%.

The largest contributor to the strong growth came from the personal financing sector, MBSB said in a statement on May 31.

For the quarter under review, the group remained focused on providing personal financing to the civil servants, it said.

"Deposits from customers grew by 11.9% in 1Q2010 to reach RM8.5 billion as at March 31, 2010, from RM7.6 billion as at Dec 31, 2009," said chief executive officer Datuk Ahmad Zaini Othman.

"With the continued improvement in the economy and barring any unforeseen circumstances, we expect the group to perform better than before and expect more things to come," he said. -- Bernama